Option traders moderately bearish in Wolfspeed with shares down 32.01%

Option traders moderately bearish in Wolfspeed (WOLF), with shares down 40c near $0.85. Options volume running well above average with 161k contracts traded and puts leading calls for a put/call ratio of 1.63, compared to a typical level near 1.55. Implied volatility (IV30) is up nearly 43.0 points near 284.71, in the highest 10% of observations over the past year, suggesting an expected daily move of $0.15. Put-call skew flattened, suggesting a modestly bullish tone.